ACCC Clears CKI's Bid for APA Group, but FIRB Remains the Major Hurdle
As we had anticipated, the Australian Competition and Consumer Commission, or ACCC, will not oppose the takeover of narrow-moat APA Group by Cheung Kong Infrastructure, or CKI. However, the bid's major hurdle still looms in the Foreign Investment Review Board. We do not expect that FIRB will approve the takeover and we retain our fair value estimate of AUD 8.30, which is based on the firm's value as a stand-alone business. Last trading at AUD 9.91, shares in APA remain overvalued.APA's gas tran...
APA Group's principal activities are the ownership and operation of energy infrastructure assets and businesses, including energy infrastructure, primarily gas transmission businesses located across Australia; asset management and operations services for the majority of Co.'s energy investments and for third parties; and energy investments in listed and unlisted entities. Co. comprises the following reportable segments: Energy Infrastructure, Asset Management, and Energy Investments.
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